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The NAPF welcomes the Treasury Select Committee’s inquiry into Quantitative Easing (QE) and the concerns it has voiced about the potential distributional impacts on savers, pensioners and those running pension funds. We have been concerned about the lack of policy coordination on this issue and, over the last 12 months, have been calling for more explicit recognition from the Government and the Pensions Regulator on the unintended consequences for these groups.